In June, Swiss reinsurance broker Reunion AG held its third roundtable discussion in Montreux, Switzerland, discussing the coverage of engineering and construction risks in Russia. What follows is a snapshot of a part of the discussion focused on claims handling and communication.
Igor Prandetsky, director of Reunion AG, was clear on the importance of this topic from the outset: without a professional claims handling process, there can be no insurance and reinsurance in Russia, he said.
Evgeny Malachinskiy, country manager for Russia for Cunningham Lindsey, gave a presentation in which he reviewed the practices in the loss handling and settlement process in construction in Russia.
He spoke specifically about a very big loss at an electric substation located in Moscow. During the course of high-voltage testing, one of the transformers caught on fire causing significant damage to the building and the substation. The eventual loss was around €62 million.
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Claims Handling, Russia, Reinsurance, Reunion AG, Igor Prandetsky, Evgeny Malachinskiy